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.............................. Sainsbury's Property Company
Logo and Trademark..............................
J Sainsbury plc is the parent company of Sainsbury's Supermarkets Ltd, commonly known as Sainsbury's, a chain of supermarkets in the United Kingdom. The group also has interests in property and banking. The group has an estate worth about £8.6 billion (March 2007).
For much of the 20th century Sainsbury's was the market leader in the UK supermarket sector, but in 1995 it lost its place as the UK's largest grocer to Tesco and in 2003 was pushed into third by ASDA. The company's fortunes have improved since the launch of a recovery programme by CEO Justin King in 2004. Despite predictions that Sainsbury's would regain second position and a narrowing of ASDA's lead in recent months, the latest figures released by Taylor Nelson Sofres show Asda's share as 16.6% compared to Sainsbury's at 16.22%.
On 2 February 2007, after months of speculation about a private equity bid, CVC Capital Partners, Kohlberg Kravis Roberts (KKR) and Blackstone Group announced that they were considering a bid for Sainsbury's. The consortium grew to include Goldman Sachs and Texas Pacific Group. On 6 March 2007, with a formal bid yet to be tabled, the Takeover Panel issued a bid deadline of 13 April.
On 4 April KKR left the consortium to focus on its bid for Alliance Boots. On 5 April the consortium submitted an "indicative offer" of 562p a share to the company's board. After discussions between Sir Philip Hampton and the two largest Sainsbury family shareholders (Lord Sainsbury and Lord (John) Sainsbury) the offer was rejected.On 9 April the indicative offer was raised to 582p a share, however this too was rejected. This meant the consortium could not satisfy its own preconditions for a bid, most importanly 75% shareholder support; the combined Sainsbury family holding at the time was 18%. On 11 April the CVC-led consortium abandoned its offer, stating "it became clear the consortium would be unable to make a proposal that would result in a successful offer." On 25 April Delta Two, a Qatari investment company, bought a 14% stake in Sainsbury's causing its share price to rise 7.17%. Three's interest in Sainsbury's is thought to centre on its property portfolio. They increased their stake to 25% in June 2007.
On 16 May 2007 Sainsbury's announced underlying profits for the year ending on 24 March (before pension and interest charge benefits) rose by 42.3% to £380 million. Revenue rose 6.9% to £18.52 billion. King announced the company was ahead of its target to raise revenue by £2.5 billion by 2008 and that a new three year £3.5 billion sales target was being adopted. 66% of these sales are to come from grocery and 33% from nonfood (e.g clothing and entertainment). Other plans include the refurbishment or extension of half of the company's stores.
In April 2007 Delta Two, the investment fund backed by the Qatar Investment Authority, purchased 17.6% of Sainsbury's shares. In June 2007 this was increased to 25%. On 18 July BBC News reported that Delta Two had tabled a conditional bid proposal. On 5 November 2007 it was announced Delta Two had abandoned its takeover bid due to the "deterioration of credit markets" and concerns about funding the company's pension scheme. Following the withdrawal of the interest of the QIA, shares in Sainsbury's dropped around 20% (115p) to 440p on the day of this announcement (November 5th 2007). Delta two have now withdrawn and no takeover bid is expected
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